Product Summary

Account Name

Hisave Savings Account

About us

ICICI Bank UK PLC has its registered office at One Thomas More Square, London E1W 1YN. It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Registration Number: 223268). It is subject to the laws of England and Wales. It is registered in England and Wales as a public limited company (Registration Number 04663024).

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a Bank is unable to meet its financial obligations. Most depositors – including most individuals and businesses – are covered by the scheme.

In respect of deposits, from 30 January 2017, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with us including their share of any joint account, and not to each separate account.

For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website www.fscs.org.uk or call the FSCS on 0800 678 1100 or 020 7741 4100. Please note only compensation related queries should be directed to the FSCS.

What is the interest rate?

0.50% AER1

AER1 - AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

Note: Interest is paid gross. If you are a UK tax payer you may have to pay tax on interest earned in excess of your Personal Savings Allowance. For information and guidance, please refer to the HMRC website.

Interest rates are subject to change and may vary from time to time. To check the latest interest rates ;

Call our Customer Service Centre on 0344 412 4444 (Calls to this number use free plan minutes if available, otherwise they cost the same as 01/02 prefix calls)

Interest is accrued daily on the day end cleared balance and paid into your Account on the last business day of each month. This means that interest is compounded monthly.

Can ICICI Bank UK PLC change the interest rate?

ICICI Bank UK PLC has the right to change the rate of interest.

ICICI Bank UK PLC will keep you informed about changes in the interest rates on your Account/s by sending you a personal notice within 30 days of the change.

If ICICI Bank UK PLC reduces the interest rate to your disadvantage, you will be given two months prior notice and if you wish, we will close your Account or help you switch your Account to a Bank of your choice.

Read the T&C for complete information.

What would the estimated balance be after 12 months based on a £1000 deposit?

For £1000 invested for 12 months at interest rate of 0.50% (AER), you'll earn approximately £5.01 interest (gross). This is applicable when amount is invested for complete year and the interest is not withdrawn from the account.

How do I open and manage my account?

Eligibility:

You must be a UK resident (for at least the last year) and aged 18 or over. Please note:

If you'd like to speak to someone before applying, you can call us on 0344 412 4444 (Calls to this number use free plan minutes if available, otherwise they cost the same as 01/02 prefix calls). We’ll be happy to help you.

To open a joint HiSAVE account

Simply complete the joint account holders’ details as part of the online application.

Joint account holders need to have a shared current account either with us or with another UK bank. This is required so we can link your joint HiSAVE account to your joint current account.

Each account holder must be able to use the joint account on their own, without the permission of the other account holder.

If there is a disagreement between joint account holders, one or both of you should promptly contact us in writing. From the date we receive and acknowledge the correspondence, anything to do with your account has to be authorised by both account holders.

Joint account:

You can open an individual or a joint account or both.

Documents required to open the account:

For completing the online application process you won’t need any other documents.

By law, before opening your account we are required to have adequate proof of your identity. For the majority of customers we’ll be able to verify your identity and address online using a variety of sources, including searches using public information bodies.

If we're not able to do so, we'll ask you to send us one document each to prove your identity and address in the UK. To know more about which documents are acceptable, please refer to the FAQs on applying for HiSAVE accounts.

Minimum balance:

Start with as little as £1.00

Regular transfer set up:

You can set up regular transfers from your nominated linked account to your Hisave Savings Account.

There is no limit on the minimum or maximum amount you can deposit each month.

To set up a regular savings plan;

Log into your HiSAVE Savings Account

Click on 'Transfer money' – 'Receive money'

Complete the simple form including the recurring set up and click 'Submit'

Can I withdraw money?

You manage your account online and you make withdrawals from your HiSAVE account (subject to the terms and conditions of your account) by transferring money to your Nominated Linked Account.

Additional information

For a HiSAVE Savings Account interest can be paid monthly (at the end of each month) or annually (on the 31 March each year)